Tag: OIL PRODUCTION

OPEC+ may maintain oil output cuts beyond June

OPEC+ meets next in early June to decide on its output policy. Under the deal, the exporting group is set to scale back the cuts to 7.7 million barrels per day from July until December

Russian oil output falls near to OPEC+ target

Russia’s oil output in the first five days of May fell to 8.75 million barrels per day, close to its production target of 8.5 million daily barrels for May and June under a global deal to cut crude supplies

Argentina gov’t confirms it will set a local price reference

The Gov’t reaffirmed the need to set a reference price for the local oil barrel in order to facilitate investments in the sector once the coronavirus pandemic comes to an end

‘Criollo’ barrel may return due to the crisis

The crisis unleashed by the Coronavirus pandemic and the collapse of the international oil prices reactivated the debate on a new implementation of the so-called “Criollo barrel”

OPEC slashes 2020 oil demand view on coronavirus

The Organization of the Petroleum Exporting Countries expects global demand to rise by just 60,000 barrels per day in 2020, a reduction of 920,000 from its previous forecast

Oil storage buckles as virus saps demand

Global oil storage capacity is under intense pressure because of booming output from Saudi Arabia and the United States while the coronavirus outbreak slams the world economy and crude demand

IEA says oil stocks, non-OPEC output to buffer market from shocks

Surging oil production from non-OPEC countries led by the US along with abundant global stocks will help the market weather political shocks such as the US-Iran stand-off, IEA said